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Kanian dollar
|inflation_rate = 0.7% |inflation_source_date = 17 May 2017 |inflation_method = |pegged_by = |subunit_ratio_1 = 1/100 |subunit_name_1 = Cent |symbol = ₭ |nickname = Blueback |plural_subunit_1 = |used_coins = 5¢, 10¢, 25¢, 50¢, ₭1 |frequently_used_coins = |rarely_used_coins = |used_banknotes = ₭1, ₭5, ₭10, ₭20, ₭50, ₭100 |frequently_used_banknotes = |rarely_used_banknotes = |printer = Kanian Printing Bureau |printer_website = http://kanianprintingbureau.gov.ka/ |mint = Federal Mint of Kania |mint_website = http://federalmintofkania.gov.ka/ }}The Kanian dollar (sign: ₭; code: KND) is the official legal tender of the Kania, and used daily by some more than seven million people. While not considered a particularly important reserve currency, the Kanian dollar is quite popular for such a capacity given its strength and the common trust of foreigners that the unit will always be valuable. The Kanian dollar is currently converted to the US dollar at a ratio of 1:1 (US$1.3821), making it much more valuable than the Euro or the British pound sterling as a reserve currency. History The first Kanian dollar coin was issued in 1765 after the establishment of the Federal Mint of Kania. The government sought to lessen its dependence on the British economy as it imported 130,000 British pounds a year for usage in Kania. Thus, with minting of the first silver dollar coins in the country, the process of cutting economic ties with Britain began. The printing of money began in 1781, with the ₭5, ₭10, and ₭100 dollar bills printed in Port Kane. The formal printing of money did not begin until 1788, when the government authorized the accepting of the first Kanian dollar as the official currency of Kania by presidential decree. The nation was undergoing an economic crisis as it was tied to the British pound which was suffering from Britain's enormous debt, accumulated during the American Revolutionary War. Accepting the Kanian dollar as legal tender was a political move that save the national economy. The government pegged the value of the currency to the annual timber and fish exports of Kania, which were at the time, very large and profitable. This saw the value of the Kanian dollar skyrocket early on in it history, all part of the government scheme to salvage the economy from peril. The value of the money saw the Kanian economy rebound overnight, and made most of the population very wealthy. By the 1830s, gold had been discovered in the N/A Mountains, and saw the Kanian dollar pegged to the value of gold, which became an overriding issue at the time. Arguing that timber and fish exports were not sustainable, the government successfully pegged the currency to gold in 1837. Though the value of the dollar dropped considerably, the money was still worth more than that of its peers, such as the American dollar and the British pound. Until the death of Roger Kane in 1775, money did not depict faces of Kanian presidents, as Kane himself stated that it was tantamount to personality worship. He said that only once he died could the people wish to put his face on their money. Until 1912, Roger Kane's face was depicted on all of the money issued by Kania. This became an issue when members of the Federal Senate of Kania sought to put the face of President Henry Kane on the money as well. In keeping with the request of his ancestor to not have the face of family on the money, Kane enacted the New Dollar Act of 1912, which placed the faces of Kania's founding fathers on the money, Roger Kane's included, so as to end the issue of placing his or that of his descendants on the Kanian dollar. Coins Banknotes Category:Kania Category:Currency of Kania Category:Economy of Kania